Quick Answer
Yes, cryptocurrency is completely legal in Serbia.
- Serbia regulated crypto with the 2021 Law on Digital Assets.
- Crypto trading and mining are legal and regulated activities.
Legal Status of Crypto in Serbia
Cryptocurrency is fully legal in Serbia, which has established a clear regulatory framework that moves digital assets out of any legal gray area. This status is thanks to the country's Law on Digital Assets, which came into effect in mid-2021. The law provides a comprehensive structure for crypto activities, outlining requirements for service providers, taxation, and anti-money laundering (AML) compliance. Oversight is handled by key regulatory bodies, primarily the National Bank of Serbia and the Serbian Securities Commission.
Current Regulations
Serbia's crypto landscape is governed by the Law on Digital Assets, which became fully applicable in mid-2021. This legislation provides a comprehensive legal structure, officially recognizing and regulating activities like crypto trading and mining. The law defines digital assets, categorizing them as either virtual currencies or digital tokens, and mandates that service providers obtain prior authorization and meet specific capital and security requirements. Regulatory oversight is split between the National Bank of Serbia, which supervises virtual currencies, and the Securities Commission, which handles digital tokens.
Regulatory Authorities
Several key bodies share the responsibility of overseeing Serbia's crypto market.
- National Bank of Serbia (NBS): The NBS is primarily responsible for supervising virtual currencies and granting licenses to digital asset service providers like exchanges. It ensures these operators meet strict capital, governance, and IT security requirements before they can operate.
- Serbian Securities Commission (SSC): This body oversees digital tokens, which are treated as a form of digital property rights, and the issuance of new tokens. The SSC ensures issuers publish a detailed white paper and adhere to investor protection standards.
- Tax Administration of the Republic of Serbia: This authority is in charge of administering and collecting all taxes related to digital assets. It enforces regulations on capital gains, inheritance, and gift taxes for cryptocurrency transactions.
Historical Context
Serbia’s journey toward crypto regulation began with the adoption of the Law on Digital Assets in late 2020. This landmark legislation, which became fully applicable by mid-2021, marked a major policy shift by formally legalizing cryptocurrency trading and mining. Before this, the space was largely unregulated, though a 2017 Ministry of Finance opinion had clarified that VAT did not apply to crypto. The new law established a comprehensive framework, creating licensing requirements for service providers and introducing a clear tax structure. This move provided legal certainty for the market, defined digital assets, and aimed to foster a compliant and secure environment for investors and businesses.
Compliance Requirements for Businesses in Serbia
Businesses must adhere to a strict set of compliance rules designed to combat financial crime. Government guidance, primarily from the Bank of Russia and the financial intelligence unit Rosfinmonitoring, outlines several key obligations rooted in international standards and national laws like Federal Law No. 115-FZ.
- Anti-Money Laundering (AML) Checks: A core requirement is the mandatory control and monitoring of customer transactions. Institutions must identify and report any suspicious activities, especially those that seem overly complex, lack economic purpose, or exceed certain monetary thresholds. In some cases, they must suspend transactions or refuse to carry them out. All suspicious transactions must be reported to Rosfinmonitoring, the country's financial intelligence unit.
- Know Your Customer (KYC) Procedures: Before establishing a business relationship, companies must identify and verify their clients, including any representatives, beneficiaries, and beneficial owners. For high-risk individuals, such as foreign politically exposed persons (PEPs), Enhanced Due Diligence (EDD) is required. This involves gathering more detailed information on the source of funds and conducting ongoing monitoring. To streamline this, the Bank of Russia launched a centralized KYC Platform in 2022 to help banks assess client risk.
- Other Mandatory Procedures: Beyond AML and KYC, businesses must comply with currency control regulations. They are also required to implement measures to enforce international sanctions, which includes screening clients against sanctions lists, freezing assets, and stopping transactions when necessary. Any operations halted due to sanctions suspicions must be promptly reported to the authorities.
Why this matters for Cross-Border Payments
For businesses engaged in cross-border payments, these stringent regulations introduce significant friction and risk. The mandatory AML/KYC procedures, coupled with the need to report suspicious activities to financial intelligence units, can lead to payment delays and increased operational overhead. This compliance burden acts as a major pain point, as the potential for suspended transactions or frozen assets creates financial uncertainty and complicates international trade. Ultimately, these measures can make cross-border commerce slower and more complex, forcing companies to invest heavily in due diligence to navigate the regulatory landscape.
How Lightspark Enables Compliant Crypto-Native Payments
Lightspark provides a global payments platform built on Bitcoin, designed to make money move as instantly and freely as information. Its core products, Lightspark Connect and Grid Switch, tackle cross-border payment friction. Connect offers businesses native access to the Lightning Network, managing the complexities of liquidity and routing. Grid Switch bridges traditional finance by enabling transfers through domestic real-time payment systems, converting between fiat currencies seamlessly. Together, they eliminate the delays and high costs of legacy systems by creating an open, 24/7 network for global money movement.
To help businesses meet their own compliance obligations, Lightspark facilitates the use of its platform by regulated institutions. It provides tools like audit-ready reporting, flexible custody options, and developer-first APIs that allow companies to integrate Lightspark’s infrastructure into their existing compliance frameworks. This enables them to offer crypto-native payments while still adhering to their internal and external requirements for procedures like KYC and AML, reducing the operational burden of managing a new payment rail.
Learn more about how Lightspark enables instant, compliant global payments on their global payments platform.
Notice: This article is provided for informational purposes only and does not constitute legal advice.
Sources
- "AML Compliance Guidelines: Russia." AML Watcher, amlwatcher.com/our-coverage/russia/.
- Bank of Russia. "Press Release on the Know Your Customer (KYC) Platform." Bank of Russia, 31 May 2024, www.cbr.ru/Content/Document/File/161565/press_31052024_e.pdf. PDF document.
- "Countering Money Laundering and Currency Control." Bank of Russia, 31 Mar. 2025, www.cbr.ru/eng/counteraction_m_ter/.
- "Cryptocurrency Regulations In Serbia." Gurcan Partners, 27 July 2023, gurcanpartners.com/cryptocurrency-regulations-in-serbia/.
- "New Crypto Law in Serbia Enters Into Force." Welcome to Serbia, welcometoserbia.org/en/new-crypto-law-in-serbia-enters-into-force/.
- "Serbia & Cryptocurrency | Blockchain & Cryptocurrency Laws & Regulations." Freeman Law, 2022, freemanlaw.com/cryptocurrency/serbia/.
- Žunić, Nemanja, and Anja Berić. "Cryptocurrency and Digital Assets Tax in Serbia." Zunic Law, 28 Apr. 2024, zuniclaw.com/en/cryptocurrency-and-digital-asset-tax-in-serbia/.
- Žunić, Nemanja, and Anja Berić. "Why Is Serbia an Attractive Place for Crypto Mining?" Lexology, 28 June 2024, www.lexology.com/library/detail.aspx?g=718fdbca-d62b-46f8-be4c-2e7ad8eb9ea6.
